Azerbaijani minister highlights need for diversification to ensure energy market stability

Azerbaijani Energy Minister Parviz Shahbazov has said that diversification is essential for the stability of the energy market, ensuring reliable supplies and effectively managing the volatility of renewable energy sources.

Shahbazov made these remarks at the forum "Strengthening Energy Security through Innovative Technology Efficiency" being held in China, Caliber.Az reports, citing the Azerbaijani Energy Ministry.

He emphasised that the main priorities are diversification and a modern global energy architecture based on renewable sources.

"Azerbaijan currently supplies gas to 10 countries and oil to nearly 30 countries thanks to diversified routes. Last year, 75 per cent of Azerbaijani oil and 50 per cent of gas were supplied to Europe. Azerbaijan has proven to be a reliable partner in ensuring energy security on the international stage. We are now pursuing a strategically important agenda related to 'green energy', which will further diversify and expand our country's role in energy supply. The establishment of 'green energy corridors' toward Türkiye, Europe, and Central Asia is a key priority of this agenda," the minister said.

Shahbazov noted that the initial report on the technical and economic feasibility study for the Caspian-Black Sea-Europe Green Energy Corridor will be presented at the "Summit of Leaders on the Caspian Sea-Black Sea-Europe Green Energy Corridor" to be held during COP29. The project is set to enter its active implementation phase from 2025.

The minister also provided information on the preparation of the technical and economic justification for the "Azerbaijan-Türkiye-Europe Green Energy Corridor" which will have a capacity of 1 GW and is being developed as part of the "Green Energy Zone" concept. 

Moreover, the "Intergovernmental Agreement on Strategic Partnership for the Development and Transfer of Green Energy among Azerbaijan, Kazakhstan and Uzbekistan" will be signed during COP29.

He added that, as the chair of COP29, Azerbaijan has designated the development of "green energy corridors" and interconnectors as a key energy initiative.

The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. This decision was made at the COP28 plenary session in Dubai on December 11, 2023. During two weeks, Baku will become a global hub, welcoming around 70,000 to 80,000 international guests.

The United Nations Framework Convention on Climate Change (UNFCCC) is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992, aimed at preventing dangerous human interference with the climate system. 

The abbreviation COP means "Conference of the Parties" and refers to the highest decision-making body responsible for overseeing the implementation of the UNFCCC. The Convention has 198 member states. Unless otherwise decided by the parties, the COP is held annually. The first COP event was held in Berlin in March 1995, and its secretariat is based in Bonn.

By Naila Huseynova